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HOME Top Market Reports Smart Speaker Market by IVA (Alexa, Google Assistant, Siri, Cortana), Component (Hardware (Speaker Driver, Connectivity IC, Processor, Audio IC, Memory, Power IC, Microphone,) and Software), Application, and Geography - Global Forecast to 2023

Smart Speaker Market by IVA (Alexa, Google Assistant, Siri, Cortana), Component (Hardware (Speaker Driver, Connectivity IC, Processor, Audio IC, Memory, Power IC, Microphone,) and Software), Application, and Geography - Global Forecast to 2023

By: marketsandmarkets.com
Publishing Date: January 2018
Report Code: SE 5897

 

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[150 Pages Report] The overall smart speaker market is expected to grow from USD 1.57 billion in 2017 to USD 11.79 billion by 2023, at a CAGR of 34.44% from 2018 to 2023.

The emergence of smart speaker is expected to transform the outlook of wireless speaker market. Application areas for smart speaker range from smart home, smart office, commercial, and automotive applications. There has been continuous increase in demand for smart speakers, especially in smart homes, owing to increasing consumer demand for advanced and multifunctional devices. Moreover, the proliferation of smartphones has enabled the development of applications to stream music to a specific device, thus fueling the demand for smart speakers. The base year considered for the study is 2017, and the forecast is for the period between 2018 and 2023.

Market Dynamics

Smart Speaker Market, Drivers

  • Increasing number of smart homes
  • Rising disposable income
  • Rapid proliferation of multifunctional devices
  • Growing trend of personalization

Restraints

  • Issues related to connectivity range, compatibility, and power

Smart Speaker Market, Opportunities

  • Increasing consumer preference for technologically advanced products
  • Increasing focus of companies on enhancing customer experience

Challenges

  • High security risk
  • Availability of substitute

Increasing number of smart homes to drive the global smart speaker market

A smart home is an advanced automation system that controls devices and appliances such as smart thermostats; heating, ventilation, and air conditioning (HVAC) systems; and security systems through internet connection.

Continuous need for convenient and comfortable lifestyle among homeowners has led to the rapid development of connected solutions in smart homes. The number of smart products introduced in the market has gradually increased since 2012. The ability to control home products with internet connection and a mobile device is shifting the focus of consumers toward smart products. The growth of smart devices in smart homes can be attributed to the advancements in IoT; growing need for security, safety, and convenience; and increasing demand for energy-saving products and solutions.

Smart Speaker Market
Smart Speaker Market

To know about the assumptions considered for the study, download the pdf brochure

The following are the major objectives of the study.

  • To define, describe, and forecast the overall smart speaker market, in terms of value and volume, segmented on the basis of intelligent virtual assistants and applications
  • To define, describe, and forecast the overall smart speaker market, in terms of value, segmented on the basis of components
  • To forecast the market size for various segments with regard to 4 main regions: North America, Europe, Asia Pacific (APAC), and Rest of the World (RoW)
  • To provide detailed information regarding the major factors (drivers, restraints, opportunities, and challenges) influencing the growth of the smart speaker market
  • To provide the value chain analysis pertaining to the smart speaker market
  • To strategically analyze the micromarkets1 with respect to individual growth trends, prospects, and contributions to the total market
  • To analyze opportunities in the overall smart speaker market for stakeholders by identifying the high-growth segments
  • To profile key players and comprehensively analyze their market position in terms of ranking and core competencies2, and provide details of the competitive landscape for the smart speaker market leaders
  • To analyze competitive developments such as contracts, mergers and acquisitions, product developments, and research and development (R&D) in the overall smart speaker market

During this research study, major players operating in the smart speaker market in various regions have been identified, and their offerings, regional presence, and distribution channels have been analyzed through in-depth discussions. Top-down and bottom-up approaches have been used to determine the overall market size. Sizes of the other individual markets have been estimated using the percentage splits obtained through secondary sources such as Hoovers, Bloomberg BusinessWeek, and Factiva, along with primary respondents. The entire procedure includes the study of the annual and financial reports of the top market players and extensive interviews with industry experts such as CEOs, VPs, directors, and marketing executives for key insights (both qualitative and quantitative) pertaining to the market. The figure below shows the breakdown of the primaries on the basis of the company type, designation, and region considered during the research study.


Smart Speaker Market
Smart Speaker Market Breakdown

The smart speaker market ecosystem includes channel partners, including manufacturers of semiconductor components, device manufacturers, AI agents, ODMs, assemblers, distributors, and end users. The smart speaker market comprises major players, such as Amazon (US), Harman International (US), Apple (US), Sonos (US), Alphabet (US), Bose (US), Sony (Japan), Onkyo (Japan), Panasonic (Japan), Alibaba (China), Pioneer (Japan), Altec Lansing (US), Lenovo (US), Xioami (China), and SK Telecom (South Korea) among others.

Major Market Developments

  1. In September 2017, Amazon launched Echo (2nd Gen.) and Echo Plus. Echo Plus has a built-in smart home hub that can be connected to smart devices to perform operations such as control lights and locks. Echo uses Amazon’s second generation far-field technology, with features such as enhanced beamforming technology, better wake word processing, and noise elimination.
  2.  In October 2017, Harman collaborated with Microsoft to integrate Cortana, a personal digital assistant, into Invoke smart speaker. Users can play their favorite music, manage calendars and activities, set reminders, check traffic, and access the latest news through voice activation.
  3. In October 2016, SK Telecom (South Korea) collaborated with Conexant Systems to implement Audio Smart far-field voice solutions in the NUGU smart speaker. Through this collaboration, NUGU voice will offer the highest voice recognition accuracy rate in the NUGU speaker.

Target Audience:

The intended audience for this report includes:

  • Raw material suppliers
  • Original equipment manufacturers (OEMs)
  • OEM technology solution providers
  • Technology, service, and solution providers
  • Intellectual property (IP) core and licensing providers
  • Suppliers and distributors
  • Government and other regulatory bodies
  • Forums, alliances, and associations
  • Technology investors
  • End users (Smart home, smart office, commercial, and automotive)
  • Research institutes and organizations
  • Analysts and strategic business planners
  • Market research and consulting firms

Report Scope:

By Intelligent Virtual Assistant

  • Alexa
  • Google Assistant
  • Siri
  • Cortana
  • Others (Xiaowei, DuerOS, Bixby, and AliGenie)

By Application

  • Smart Home
  • Smart Office
  • Consumer
  • Others (Commercial and Automotive)

Component

  • Hardware (Speaker Driver, Connectivity IC, Processor, Audio IC, Memory, Power IC, Microphone, and Others)
  • Software

By Geography

  • North America
    • US
    • Canada
    • Mexico
  • Europe
    • UK
    • Germany
    • France
    • Rest of Europe
  • APAC
    • China
    • Japan
    • South Korea
    • India
    • Rest of APAC
  • RoW
    • South America
    • Middle East and Africa

Critical questions which the report answers

  • How the smart speaker offering companies are coping with the increasing customer preference for personalized devices?
  • What are the new application areas which smart speaker companies are exploring

Available customizations:

Based on the given market data, MarketsandMarkets offers customizations in the reports as per the client’s specific requirements. The available customization options are as follows:

    Company information: Detailed analysis and profiling of additional five market players.

      Table of Contents

      1 Introduction (Page No. - 15)
          1.1 Study Objectives
          1.2 Definition
          1.3 Study Scope
                 1.3.1 Markets Covered
                 1.3.2 Years Considered for Study
          1.4 Currency
          1.5 Limitations
          1.6 Disclaimer
          1.7 Market Stakeholders

      2 Research Methodology (Page No. - 18)
          2.1 Research Data
                 2.1.1 Secondary Data
                          2.1.1.1 Major Secondary Sources
                          2.1.1.2 Secondary Sources
                 2.1.2 Primary Data
                          2.1.2.1 Key Industry Insights
                          2.1.2.2 Primary Interviews With Experts
                          2.1.2.3 Breakdown of Primaries
                          2.1.2.4 Key Data From Primary Sources
          2.2 Secondary and Primary Research
          2.3 Market Size Estimation
                 2.3.1 Bottom-Up Approach
                 2.3.2 Top-Down Approach
          2.4 Market Breakdown and Data Triangulation
          2.5 Research Assumptions

      3 Executive Summary (Page No. - 27)

      4 Premium Insights (Page No. - 32)
          4.1 Attractive Opportunities in Smart Speaker Market During the Forecasted Period
          4.2 Market for Alexa, By Application
          4.3 Market for Consumer Application, By Region
          4.4 Market for Smart Home Application, By IVA
          4.5 North American Smart Speaker Market, By Country
          4.6 Market for Hardware, By Component

      5 Market Overview (Page No. - 35)
          5.1 Introduction
          5.2 Market Dynamics
                 5.2.1 Drivers
                          5.2.1.1 Increasing Number of Smart Homes
                          5.2.1.2 Rising Disposable Income
                          5.2.1.3 Rapid Proliferation of Multifunctional Devices
                          5.2.1.4 Growing Trend of Personalization
                 5.2.2 Restraints
                          5.2.2.1 Issues Related to Connectivity Range, Compatibility, and Power
                 5.2.3 Opportunities
                          5.2.3.1 Increasing Consumer Preference for Technologically Advanced Products
                          5.2.3.2 Increasing Focus of Companies on Enhancing Customer Experience
                 5.2.4 Challenges
                          5.2.4.1 High Security Risk
                          5.2.4.2 Availability of Substitute
          5.3 Value Chain Analysis

      6 Smart Speaker Market, By Intelligent Virtual Assistant (Page No. - 44)
          6.1 Introduction
          6.2 Alexa
          6.3 Google Assistant
          6.4 Cortana
          6.5 Siri
          6.6 Others

      7 Smart Speaker Market, By Component (Page No. - 53)
          7.1 Introduction
          7.2 Hardware
                 7.2.1 Processor
                 7.2.2 Memory
                 7.2.3 Power IC
                 7.2.4 Connectivity IC
                 7.2.5 Microphone
                 7.2.6 Speaker Driver
                 7.2.7 Audio IC
                 7.2.8 Others
          7.3 Software

      8 Smart Speaker Market, By Application (Page No. - 58)
          8.1 Introduction
          8.2 Smart Home
          8.3 Consumer
          8.4 Smart Office
          8.5 Others

      9 Geographic Analysis (Page No. - 69)
          9.1 Introduction
          9.2 North America
                 9.2.1 US
                 9.2.2 Canada
                 9.2.3 Mexico
          9.3 Europe
                 9.3.1 UK
                 9.3.2 Germany
                 9.3.3 France
                 9.3.4 Rest of Europe
          9.4 APAC
                 9.4.1 China
                 9.4.2 Japan
                 9.4.3 South Korea
                 9.4.4 India
                 9.4.5 Rest of APAC
          9.5 Rest of the World
                 9.5.1 Middle East & Africa
                 9.5.2 South America

      10 Competitive Landscape (Page No. - 97)
           10.1 Introduction
           10.2 Smart Speaker Market Ranking Analysis
           10.3 Competitive Scenario
                   10.3.1 Product Launches and New Product Developments
                   10.3.2 Partnerships, Agreements, and Collaborations
                   10.3.3 Expansions

      11 Company Profiles (Page No. - 102)
      (Business Overview, Products Offered, Recent Developments, Key Relationships, SWOT Analysis, and MnM View)*
           11.1 Key Playes
                   11.1.1 Amazon
                   11.1.2 Harman International
                   11.1.3 Apple
                   11.1.4 Sonos
                   11.1.5 Alphabet
                   11.1.6 Bose
                   11.1.7 Sony
                   11.1.8 Onkyo
                   11.1.9 Panasonic
                   11.1.10 Alibaba
                   11.1.11 Pioneer
                   11.1.12 Altec Lansing
                   11.1.13 Lenovo
                   11.1.14 Xiaomi
                   11.1.15 SK Telecom
           11.2 Others Key Playes
                   11.2.1 Baidu
                   11.2.2 Ultimate Ears
                   11.2.3 LG Electronics
                   11.2.4 Mobvoi
                   11.2.5 Libratone
           11.3 Key Innovators
                   11.3.1 Invoxia
                   11.3.2 Avnera
                   11.3.3 Fabriq
                   11.3.4 D&M Holdings
                   11.3.5 Anker

      *Details on Business Overview, Products Offered, Recent Developments, Key Relationships, SWOT Analysis, and MnM View might not be captured in case of unlisted companies.

      12 Appendix (Page No. - 140)
           12.1 Insights From Industry Experts
           12.2 Discussion Guide
           12.3 Knowledge Store: Marketsandmarkets’ Subscription Portal
           12.4 Introducing RT: Real-Time Market Intelligence
           12.5 Available Customizations
           12.6 Related Reports
           12.7 Author Details


      List of Tables (71 Tables)

      Table 1 Revenue Contribution From Smart Home Market in Smart City
      Table 2 Market, By Intelligent Virtual Assistant, 2016–2023 (USD Million)
      Table 3 Smart Speaker Market, By Intelligent Virtual Assistant, 2016–2023 (Million Units)
      Table 4 Market for Alexa, By Application, 2016–2023 (USD Million)
      Table 5 Smart Speaker Market for Alexa, By Application, 2016–2023 (Million Units)
      Table 6 Market for Google Assistant, By Application, 2016–2023 (USD Million)
      Table 7 Smart Speaker Market for Google Assistant, By Application, 2016–2023 (Million Units)
      Table 8 Market for Cortana, By Application, 2016–2023 (USD Million)
      Table 9 Smart Speaker Market for Cortana, By Application, 2016–2023 (Million Units)
      Table 10 Market for Siri, By Application, 2016–2023 (USD Million)
      Table 11 Market for Siri, By Application, 2016–2023 (Million Units)
      Table 12 Market for Others, By Application, 2016–2023 (USD Million)
      Table 13 Smart Speaker Market for Others, By Application, 2016–2023 (Million Units)
      Table 14 Market, By Component, 2016–2023 (USD Million)
      Table 15 Market for Hardware, By Component, 2016–2023 (USD Million)
      Table 16 Smart Speaker Market, By Application, 2016–2023 (USD Million)
      Table 17 Market, By Application, 2016–2023 (Million Units)
      Table 18 Market for Smart Home, By Region, 2016–2023 (USD Million)
      Table 19 Market for Smart Home, By Intelligent Virtual Assistant, 2016–2023 (USD Million)
      Table 20 Smart Speaker Market for Smart Home, By Intelligent Virtual Assistant, 2016–2023 (Million Units)
      Table 21 Market for Consumer, By Region, 2016–2023 (USD Million)
      Table 22 Market for Consumer, By Intelligent Virtual Assistant, 2016–2023 (USD Million)
      Table 23 Market for Consumer, By Intelligent Virtual Assistant, 2016–2023 (Million Units)
      Table 24 Smart Speaker Market for Smart Office, By Region, 2016–2023 (USD Million)
      Table 25 Market for Smart Office, By Intelligent Virtual Assistant, 2016–2023 (USD Million)
      Table 26 Market for Smart Office, By Intelligent Virtual Assistant, 2016–2023 (Million Units)
      Table 27 Smart Speaker Market for Other Applications, By Region, 2016–2023 (USD Million)
      Table 28  Market for Other Applications, By Intelligent Virtual Assistant, 2016–2023 (USD Million)
      Table 29 Market for Other Applications, By Intelligent Virtual Assistant, 2016–2023 (Million Units)
      Table 30 Market, By Region, 2016–2023 (USD Million)
      Table 31 North American Smart Speaker Market, By Country, 2016–2023 (USD Million)
      Table 32 North American Market, By Application, 2016–2023 (USD Million)
      Table 33 North American Market for Smart Home, By Country, 2016–2023 (USD Million)
      Table 34 North American Market for Consumer, By Country, 2016–2023 (USD Million)
      Table 35 North American Market for Smart Office, By Country, 2016–2023 (USD Million)
      Table 36 North American Smart Speaker Market for Other Applications, By Country, 2016–2023 (USD Million)
      Table 37 Market in Us, By Application, 2016–2023 (USD Million)
      Table 38 Canadian Smart Speaker Market, By Application, 2016–2023 (USD Million)
      Table 39 Mexican Smart Speaker Market, By Application, 2016–2023 (USD Million)
      Table 40 European Market, By Country, 2016–2023 (USD Million)
      Table 41 European Market, By Application, 2016–2023 (USD Million)
      Table 42 European Market for Smart Home, By Country, 2016–2023 (USD Million)
      Table 43 European Smart Speaker Market for Consumer, By Country, 2016–2023 (USD Million)
      Table 44 European Market for Smart Office, By Country, 2016–2023 (USD Million)
      Table 45 European Market for Other Applications, By Country, 2016–2023 (USD Million)
      Table 46 Market in Uk, By Application, 2016–2023 (USD Million)
      Table 47 German Smart Speaker Market, By Application, 2016–2023 (USD Million)
      Table 48 France Smart Speaker Market, By Application, 2016–2023 (USD Million)
      Table 49 Market in Rest of Europe, By Application, 2016–2023 (USD Million)
      Table 50 Market in APAC, By Country, 2016–2023 (USD Million)
      Table 51 Market in APAC, By Application, 2016–2023 (USD Million)
      Table 52 Market for Smart Home in APAC, By Country, 2016–2023 (USD Million)
      Table 53 Market for Consumer in APAC, By Country, 2016–2023 (USD Million)
      Table 54 Smart Speaker Market for Smart Office in APAC, By Country, 2016–2023 (USD Million)
      Table 55 Market for Other Applications in APAC, By Country, 2016–2023 (USD Million)
      Table 56 Chinese Smart Speaker Market, By Application, 2016–2023 (USD Million)
      Table 57 Japanese Market, By Application, 2016–2023 (USD Million)
      Table 58 South Korean Market, By Application, 2016–2023 (USD Million)
      Table 59 Indian Smart Speaker Market, By Application, 2016–2023 (USD Million)
      Table 60 Smart Speaker Market in Rest of APAC, By Application, 2016–2023 (USD Million)
      Table 61 Market in RoW, By Region, 2016–2023 (USD Million)
      Table 62 Market in RoW, By Application, 2016–2023 (USD Million)
      Table 63 Market for Smart Home in RoW, By Region, 2016–2023 (USD Million)
      Table 64 Market for Consumer in RoW, By Region, 2016–2023 (USD Million)
      Table 65 Market for Smart Office in RoW, By Region, 2016–2023 (USD Million)
      Table 66 Market for Other Applications in RoW, By Region, 2016–2023 (USD Million)
      Table 67 Market in Middle East & Africa, By Application, 2016–2023 (USD Million)
      Table 68 South American Smart Speaker Market, By Application, 2016–2023 (USD Million)
      Table 69 Product Launches and New Product Developments (2015–2017)
      Table 70 Partnerships, Agreements, and Collaborations (2016–2017)
      Table 71 Expansions (2016–2017)


      List of Figures (47 Figures)

      Figure 1 Smart Speaker Market: Research Design
      Figure 2 Market Size Estimation Methodology: Bottom-Up Approach
      Figure 3 Market Size Estimation Methodology: Top-Down Approach
      Figure 4 Data Triangulation
      Figure 5 Market for Siri to Grow at Highest CAGR Between 2018 and 2023
      Figure 6 Alexa to Register Largest Shipment Between 2018 and 2023
      Figure 7 Smart Home Application to Hold Largest Size of Smart Speaker Market By 2023
      Figure 8 Market for Software to Grow at Higher CAGR Between 2018 and 2023
      Figure 9 North America Held Largest Share of Smart Speaker Market in 2017
      Figure 10 Rise in Disposable Income and Willingness of Consumers to Spend More on Advanced Technologies is Driving the Smart Speaker Market
      Figure 11 Smart Home to Hold Largest Size of Smart Speaker Market for Alexa By 2023
      Figure 12 North America to Hold Largest Share of Smart Speaker Market for Consumer Application Between 2018 and 2023
      Figure 13 Siri Smart Speaker Market for Smart Home Application to Grow at Highest CAGR Between 2018 and 2023
      Figure 14 US to Hold Largest Size of Smart Speaker Market in North America By 2023
      Figure 15 Speaker Driver to Hold Largest Size of Smart Speaker Market for Hardware Between 2017 and 2023
      Figure 16 Increasing Customer Focus Toward Connected Devices and Growing Demand for IoT and AI Technologies in Various Applications Driving Smart Speaker Market Growth
      Figure 17 Market Penetration
      Figure 18 Installation of Connected Devices in Smart Homes Within Smart Cities
      Figure 19 Conceptual Framework on Consumer Acceptance of New Technologies
      Figure 20 Timeline of Smart Speakers Offered By Key Players
      Figure 21 Value Chain: Smart Speaker Market, 2017
      Figure 22 Market for Siri to Grow at Highest CAGR Between 2018 and 2023
      Figure 23 Smart Home to Hold Largest Size of Smart Speaker Market for Cortana Between 2018 and 2023
      Figure 24 Market for Hardware to Grow at Higher CAGR Between 2018 and 2023
      Figure 25 Market for Smart Office Application to Grow at Highest CAGR Between 2018 and 2023
      Figure 26 Siri Smart Speaker Market for Smart Home Application to Grow at Highest CAGR Between 2018 and 2023
      Figure 27 Market for Other Applications in APAC to Grow at Highest CAGR Between 2018 and 2023
      Figure 28 Geographic Snapshot of Smart Speaker Market (CAGR, 2018–2023)
      Figure 29 North America: Smart Speaker Market Snapshot
      Figure 30 Smart Home Held Largest Size of Smart Speaker Market in US in 2017
      Figure 31 Europe: Market Snapshot
      Figure 32 UK Held Largest Share of Smart Speaker Market in Europe in 2017
      Figure 33 APAC: Smart Speaker Market Snapshot
      Figure 34 Chinese Smart Speaker Market for Smart Office to Grow at Highest CAGR During Forecast Period
      Figure 35 Consumer Application to Hold Largest Size of Smart Speaker Market in Middle East & Africa By 2023
      Figure 36 New Product Launch and Development are the Key Strategies Adopted By Players in Smart Speaker Market (2014–2017)
      Figure 37 Ranking of Top 5 Players in Smart Speaker Market (2017)
      Figure 38 Amazon: Company Snapshot
      Figure 39 Harman International: Company Snapshot
      Figure 40 Apple: Company Snapshot
      Figure 41 Alphabet: Company Snapshot
      Figure 42 Sony: Company Snapshot
      Figure 43 Panasonic: Company Snapshot
      Figure 44 Alibaba: Company Snapshot
      Figure 45 Pioneer: Company Snapshot
      Figure 46 Lenovo: Company Snapshot
      Figure 47 SK Telecom: Company Snapshot



    The smart speaker market was valued at USD 2.68 Billion in 2018 and is expected to reach USD 11.79 billion by 2023, at a CAGR of 34.44% between 2018 and 2023. The smart speaker market is expected to grow because of various driving factors, such as the smart speaker market are increasing number of smart homes, rising disposable income, rapid proliferation of multifunctional devices, and growing trend of personalization.

    A smart speaker operates via an intelligent voice assistant (IVA) and performs operations such as browsing web, streaming music, and purchasing grocery. Advancements in speakers have changed the way users listen to music. There is an increase in demand for artificial intelligence (AI)-enabled smart speakers in smart home and smart office applications. Major IVAs for smart speakers include Alexa, Google Assistant, Cortana, Siri, Xiaowei, DuerOS, Bixpy, and AliGenie, among others. Currently, Alexa, Google Assistant, Cortana, and Siri are the most preferred IVAs and have witnessed burgeoning demand in the past year

    The smart home application is expected to cover the maximum size of the smart speaker market between 2018 and 2023. Smart home is the major application of smart speakers owing to their features and usability. Smart speakers can control smart devices with user voice, thus making day-to-day tasks easy. With a voice command, the user can control all smart devices by connecting the device to the Internet. Smart speakers understand the natural way of speaking and are less complicated to operate than other smart devices. Further, changing lifestyle, increasing per capita income, and the inclination of smart home owners toward luxurious entertainment systems have spurred the demand for smart speakers in smart homes.

    In 2015, the North America accounted for the largest share of the wearable technology market because of several factors. One of the most important factors is technological innovations and advancements, which led to the introduction of new products. The penetration of smart speakers is high in the US owing to the presence of early adopters and key smart speaker providers. The willingness of customers to accept and use new technologies has also encouraged manufacturers in the region to develop new and advanced products.

      Smart Speaker Market
      Smart Speaker Market by Region

      To speak to our analyst for a discussion on the above findings, click Speak to Analyst

      Increasing number of smart homes, rising disposable income, growing trend of personalization, and rapid proliferation of multifunctional devices are the major factors that play a significant role in the growth of the smart speaker market

      Smart Home

      Smart home is also known as connected home or automated home. It is defined as a dwelling unit where partial or all functionalities can be controlled remotely or manually with the integration of required electronic devices and specialized software. Smart home is the major application of smart speakers owing to their features and usability. Smart speakers can control smart devices with user voice, thus making day-to-day tasks easy. With a voice command, the user can control all smart devices by connecting the device to the Internet. Smart speakers understand the natural way of speaking and are less complicated to operate than other smart devices, making them an easy-to-use tool for the elderly and busy people.

      Consumer

      Smart speakers, excluding those used in smart home, smart office, commercial, and automotive applications, owned by direct/target consumers are considered under this segment. Smart speakers are increasingly adopted by the consumer owing to the convenience offered by the device. Smart speaker can control any smart devices, through a smartphone and internet connection.

      Smart offices

      Smart offices are getting more advanced with increasing deployment of smart speakers. Smart speakers that make life easier and efficient for consumers in smart homes can be employed in work settings as well. Smart speakers are physically made to be compatible with office surroundings. Convenience is the key factor for the increasing demand for smart speakers in office automation. In a smart office environment, especially in customer service applications in retail and call centers, smart speakers know how the business is doing at present and help business owners make better and quick business decisions.

      Others

      Other applications of smart speakers include automotive and commercial. Demand for smart speakers used in the automotive application is growing rapidly owing to their compactness and compatibility with other devices. Smart speaker is a voice-enabled hands-free device. It allows users to change the radio station, find a button to change the song, or receive calls while driving without looking at the music system and smartphone, thus increasing safety. Smart speakers can also act as a link between the car and smart home, making user life convenient and saving their time. Users can access their car from their home and also access their smart home while driving. For instance, if users want to switch on the AC unit at their home while driving, they can command the smart speaker through their smartphone, and the speaker would switch on the AC.

      Critical questions would be

      • What could be the potential applications of smart speakers?
      • How smart speakers leverage the services to expand its applications and increase functionality?

      “To speak to our analyst for a discussion on the above findings, click the Speak to Analyst tab provided above.”

      Issues related to connectivity range, compatibility, and power major restraining factor for the growth the smart speaker market. Additionally, the smart speaker market faces some challenges associated with growing concerns such as high security risk and availability of substitute.

      This report describes the drivers, restraints, opportunities, and challenges pertaining to the wearable technology market. Moreover, the report analyzes the current scenarios and forecasts the market until 2023. Furthermore, this report includes the market segmentation based on intelligent virtual assistant, component, application, and region.  

      Some of the major companies in the smart speaker market, include Amazon (US), Harman International (US), Apple (US), Sonos (US), Alphabet (US), Bose (US), Sony (Japan), Onkyo (Japan), Panasonic (Japan), Alibaba (China), Pioneer (Japan), Altec Lansing (US), Lenovo (US), Xioami (China), and SK Telecom (South Korea) among others.

      To speak to our analyst for a discussion on the above findings, click Speak to Analyst

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